these financial statements and for maintains effective internal control over financial reporting. Management is also responsible for making financial records and related information available for the audit and for identifying and ensuring that the company complies with the laws and regulations that apple to its activities. Lastly‚ management is responsible for adjusting the financial statements to correct materials misstatements and for affirming to us in the representation letter that the effects
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References………………………………………………………….Page 9-10 Issues Phillips Case Issue 1 Was Bill Grant justified in refusing to provide the requested workpapers to the grand justified in refusing to provide the requested workpapers to the grand jury? Phillips Case Issue 2 Does a public accounting firm have a responsibility to its partners and employees when they are subpoenaed to testify regarding a client? Phillips Case Issue 3 During an audit what are the purpose of “attorneys’ letters”? How does the fact that attorneys are aware
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Jack Greenberg‚ Inc. 1. Family owned business is a business that is owned by one family‚ most of the shareholders are from the same family. One of the major problems in this type of business is a conflict in interests among the family’s member. The auditor should be careful and observe the type of the relationship among the family’s member. There should be a written agreement to specify rights‚ duties‚ and obligations for each member‚ the auditor should read those documents for further information
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1. What problems did Enron encountered? Many went sour in the early months of 2001 as Enron’s stock price and debt rating imploded because of loss of investor and creditor trust Methods the company used to disclose (or creatively obscure) it’s complicated financial dealings were erroneous and‚ in the view of some‚ downright deceptive The company’s lack of transparency in reporting its financial affairs‚ followed by financial restatements disclosing billions of dollars of omitted liabilities and
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| | |Financial Statement Fraud | |Navistar International Corporation | |
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and education. I have the honor of being the first Chief Auditor of the Public Company Accounting Oversight Board – the primary advisor to the Board on policy and technical issues related to the auditing of public companies‚ including auditing standards‚ and the head of the PCAOB’s professional standard-setting division. However‚ the views I express today are my own and do not necessarily reflect the views of the Board members or other staff members. I am sure that this audience has a general
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related statements of income‚ retained earnings and cash flows for the year then ended. Our audit will be conducted in accordance with the Standards of the Public Company Accounting Oversight Board (PCAOB). Our audit will include examining‚ on a test basis‚ evidence supporting the amounts and disclosures in financial statements‚ assessing the accounting principles used ad significant judgments and estimates made by management‚ as well as evaluating the overall financial statement presentation. An
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Sarbanes Oxley Act Brandy Lafontaine Mrs. Ashley Harper‚ MS‚ CPA Auditing ACC 403 May 20‚ 2013 The Sarbanes Oxley Act was passed in 2002‚ and came into effect in response to major accounting scandals such as Enron. The Act was intended to restore the public’s confidence in the accounting profession and in the stock market. Sarbanes Oxley Act Section 802 pertains to corporate and criminal fraud accountability. The section imposes penalties of up to ten years imprisonment for accountants
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yet?? Kent Williams ACCT 635 9040 Accounting Ethics Professor Larry Wolod February 19‚ 2015 Contents Facts 2 Procedural History 2 Issue 2 Rule 2-3 Application / Analysis 3-4 Conclusion 4 Bibliography 5 Work Accomplished…………………………………………………………………………………………………………………………………6 Facts Willie Lowman is the internal auditor for Dead Salesman Printing who is currently in the process of auditing the company’s account receivables. He finds that the company is constantly crediting and debiting
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Strategy 2. Definition ii. A strategy is a “game plan” that enables a company to attract customers by distinguishing itself from competitors. 1. Customer value propositions iii. Companies that adopt a customer intimacy strategy strive to understand and respond to individual customer needs better than competitors. Examples of companies that pursue this strategy include: Ritz-Carlton‚ Nordstrom‚ and Starbucks. iv. Companies that adopt an operational excellence strategy strive to deliver products
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